Answers

Does your app support Direct3D feature level 9_1 or does it require a higher feature level?

Ideally your app should run with feature level 9_1 and enable higher level features if those levels are available. At minimum, your app cannot crash if feature level 9_1 is provided but can display a message letting the user know the app's requirements.

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Does your app support Direct3D feature level 9_1 or does it require a higher feature level?

Ideally your app should run with feature level 9_1 and enable higher level features if those levels are available. At minimum, your app cannot crash if feature level 9_1 is provided but can display a message letting the user know the app's requirements.

My best guess is that since a reference to Bing Map (Beta for RTM) also requires a reference to Visual C++ Runtime package, this crash is being caused by Bing Map since I am only making use of background process, Flyouts and Bing maps in a simple application
and have nothing to do with DirctX or 3d rendering otherwise.

To confirm on this topic is that I commented the map declaration in XAML and the lines where I was setting
Map.SetView(location) and the application went through the WACK test without reporting above error. The only error I faced was of Bing.Maps.winmd metadata which persisted before and over which we know that
Bing Map is still in beta.

Please note that the reference to Bing Maps and Visual C++ Runtime package was still added and I was still doing all the other calculations like MapLayer.SetPosition(pin, location), etc but the WACK test passed the application crash or hang.

Looking forward that with Bing Map release version for Map, this crash won't occur.